The global contract pharmaceutical packaging market thrives amidst the continuous influx of new products. The necessity to efficiently transport these offerings from manufacturers to end-users drives the demand for contract packaging services. The United States leads the market, accounting for a significant portion of global revenue. As a vital link in the pharmaceutical supply chain, contract packaging responds to the dynamic market landscape, ensuring seamless and secure product distribution, while the US's substantial contribution underscores its pivotal role in the industry's growth.
According to Data Bridge Market Research, the Global Contract Pharmaceutical Packaging Market was valued at USD 12.80 billion in 2021 and is expected to reach the value of USD 23.53 billion by 2029, at a CAGR of 7.9% during the forecast period of 2022 to 2029.
“Rapid increase in the aging population facilitate market growth”
The rise in the aging population serves as a significant driver of the global contract pharmaceutical packaging market. With an increasing elderly demographic, the demand for pharmaceutical products, including medications and medical devices, experiences notable growth. Contract pharmaceutical packaging plays a pivotal role in ensuring safe, compliant, and accessible packaging solutions for this demographic. As healthcare needs expand with aging populations, pharmaceutical companies increasingly rely on specialized packaging services, propelling the contract pharmaceutical packaging market's expansion to cater to this critical and expanding consumer base.
What restraints the growth of the global contract pharmaceutical packaging market?
“Limitations in transportation”
Limitations in transportation act as a restraint on the global contract pharmaceutical packaging market. Complex transportation regulations, logistical challenges, and stringent temperature control requirements for pharmaceutical products hinder seamless movement across regions. Delays, potential disruptions, and increased costs associated with transportation impact supply chain efficiency and timelines. These limitations pose challenges for contract pharmaceutical packaging providers, affecting their ability to deliver timely and reliable packaging services, and potentially affecting market growth and operational capabilities.
Segmentation: Global Contract Pharmaceutical Packaging Market
The contract pharmaceutical packaging market is segmented on the basis of product, manufacturing packaging, and industry.
- On the basis of product, the contract pharmaceutical packaging market is segmented into sterile and non-sterile.
- On the basis of manufacturing packaging, the contract pharmaceutical packaging market is segmented into plastic bottles, caps and closures, blister packs, prefilled syringes, parenteral vials, and ampoules.
- On the basis of industry, the contract pharmaceutical packaging market is segmented into small molecule, biopharmaceutical, and vaccine.
Regional Insights: North America dominates the Global Contract Pharmaceutical Packaging Market
North America leads the contract pharmaceutical packaging market, driven by increased healthcare spending and a burgeoning aging population. These factors generate higher demand for pharmaceutical products, bolstering packaging requirements. Additionally, the region's robust pharmaceutical exports amplify the contract packaging market's growth trajectory, making North America a pivotal player in contract pharmaceutical packaging, with continued expansion expected during the forecast period.
Asia-Pacific is poised for substantial growth in the contract pharmaceutical packaging market due to a proliferation of contract packaging service providers. The region's vibrant pharmaceutical industry fuels demand for outsourced packaging solutions. As pharmaceutical companies seek efficient packaging solutions, Asia-Pacific emerges as a key hub, with growing opportunities for contract pharmaceutical packaging, paving the way for remarkable growth in the coming years..
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Recent Developments in Global Contract Pharmaceutical Packaging Market
- In April 2021, Amcor unveiled a groundbreaking achievement: the launch of recyclable healthcare packaging. This pioneering solution introduces the world's first recyclable Polyethylene-based thermoform blister packaging. Amcor's innovative approach addresses sustainability concerns in healthcare packaging, offering a vital breakthrough in reducing plastic waste. This development marks a significant stride towards environmentally responsible practices in the healthcare industry, signaling a promising shift in packaging norms.
The Prominent Key Players Operating in the Global Contract Pharmaceutical Packaging Market Include:
- Catalent, Inc. (U.S.)
- Thermo Fisher Scientific Inc (U.S.)
- Baxter (US)
- AbbVie Inc. (U.S.)
- Pfizer Inc. (U.S.)
- DAITO DENKI INDUSTRY CO., LTD (Japan)
- Reed-Lane (U.S.)
- TricorBraun (U.S.)
- NIPRO (Japan)
- Amcor plc (Switzerland)
- BALL CORPORATION (U.S.)
- West Pharmaceutical Services, Inc. (U.S.)
- WestRock Company. (U.S.)
- Gerresheimer AG (Germany)
- CCL Industries Inc. (Canada)
Above are the key players covered in the report, to know about more and exhaustive list of global contract pharmaceutical packaging market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Contract Pharmaceutical Packaging Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
